Management Agreement

As the Fund’s management falls within the scope of the Directive 2011/61/EU on Alternative Investment Fund Managers (“AIFMD”), the Fund’s shareholders approved on 29 October 2015 the AIFDM implementation plan whereby, starting with 1 April 2016, the alternative investment fund manager and sole director of the Fund is Franklin Templeton International Services S.À R.L. (“FTIS”/”Fund Manager”).

The obligations and the competencies of the Fund Manager as sole director and alternative investment fund manager of the Fund are set forth by the Companies’ Law no. 31, Law no. 74/2015 on the alternative investment fund managers and by the FSA Regulation no. 5/2018 on alternative investment fund management as well as the Constitutive Act, the AIFM Rules (which may be subject to further amendments according to the law), and the provisions of the Management Agreement.

The Fund Manager shall exercise its obligations and duties in accordance with the decisions of, and under the control of, the general meeting of the shareholders and the monitoring of the Board of Nominees.

The current mandate of the Fund Manager is for 2 years starting with 1 April 2020, as approved by the Fund's shareholders on 28 June 2019.

For more details with respect to the provisions of the Management Agreement please see the full Management Agreement in force.